Prominent names in the investment management sector defended themselves against a deluge of aggressive questioning from the powerful Treasury Committee today, repeatedly asserting that a Madoff scandal could not happen in the UK and that the regulatory framework in this country should be used to shape oversight of the global hedge fund community.

Speaking across two separate sessions in the Thatcher Room in the House of Commons, fund management practitioners, including Alternative Investment Managers Association chief executive Andrew Baker, spoke at length about the fund management industry in the face of tough questioning.